PNB Housing Finance raises Rs 690 cr from IFC

PNB Housing Finance today in its press release informed the bourses that the company has raised Rs. 690 crore from IFC (International Finance Corporation), a sister firm of the World Bank. These funds will be utilised for lending to buyers of affordable housing.

The country’s central bank RBI has allowed PNB Housing to borrow ECB up to USD 750 million annually under the automatic route. The company in its exchange filing said that in the coming months, it will further utilise the facility.

On the other hand, earlier on Friday, the rating agency CRISIL has downgraded its rating outlook on the long-term debt instruments, fixed deposit programme and long-term bank facilities of PNB Housing Finance to 'Negative' from 'Stable', while reaffirming the ratings at 'CRISIL AA+/FAAA'. The rating on the commercial paper programme has been reaffirmed at 'CRISIL A1+. This development could weigh on the company’s fund-raising plan in the future.

On Monday, the stock of PNB Housing Finance today opened at Rs. 705 and made an intra-day high and low of Rs 747.70 and Rs. 686.30, respectively, on the BSE. The stock closed at Rs. 699.20, down by 1.34 per cent, on the BSE.